Russia's state-owned gas giant Gazprom will halt gas supplies to Ukraine if it fails to pay off $1.95 billion of its gas debts by June 16.
Gazprom chief Alexei Miller announced this on June 12.
Miller also noted, Gazprom would lodge a counterclaim against Ukraine's gas firm if taken to court.
The statement comes a day after Ukrainian Energy Minister Yuriy Prodan said that Kyiv was ready to take Gazprom to the Stockholm International Arbitration Court after Russia offered a price reduction of only 100 dollars per 1,000 cubic meters -- from $485 to $385.
Meanwhile, Russian President Vladimir Putin has warned that if Kyiv refused the offer, "we will move to quite another stage."